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Author Topic: [2018-08-10]Binance Releases Demo of Decentralized Exchange  (Read 21 times)
anamie
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August 10, 2018, 10:41:51 AM
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Binance Releases Demo of Decentralized Exchange

The CEO of cryptocurrency trading platform Binance Changpeng Zhao announced a demo of the platform’s decentralized exchange in a tweet today, Aug. 9.

In a six-minute video attached to the tweet, Zhao presented a “casual, early, pre-offer”  demo of the decentralized exchange. The CEO said not “to expect too much” for now, adding that it currently does not have a graphical user interface:

Zhao showed three essential features of the planned exchange, those being the creation, listing, and trading of tokens. As Zhao did not disclose the launch date, it remains to be seen when the exchange will be marketed and what volumes it will be able to handle.

Decentralized exchanges are lauded as more secure than their centralized counterparts, which are more vulnerable to hacks. Decentralized platforms are set up in a manner which allows users to retain ownership of their coins using private keys. This solution reportedly prevents cryptocurrencies from being accumulated in one centralized “honeypot,” or point of attack.


Source: https://cointelegraph.com/news/binance-releases-demo-of-decentralized-exchange

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August 10, 2018, 11:36:36 AM
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I haven't given it a whirl but I guess this will not be a fully trustless dex, but those in-between interfaces, where you may have control over your funds via private keys, but then everything is hosted on a centralised server(s). EtherDelta users will understand the downside of this. You're still required to trust the server, either the side that handles offchain transactions, or the side that hosts the service. I always thought DEX were the future, but I guess it always had to happen step by step.

First the funds, which is still a good sign. But making the hosting, software all decentralised (open source required) means they also lose profit aspects so these second steps will be a way off it seems.

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August 10, 2018, 06:18:35 PM
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It will be interesting to look at the final result. I sincerely love Etherdelta, but if the Binance can provide a more convenient interface in the work with the platform, I'll go with pleasure. I'm already used to ETHerdelta, but many novices can be complicated intuitively. We will wait for the following news regarding this development
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